1. Cut taxes across the board and especially for the low/middle income people. Let the people spend the money and not the Government. Low taxes will encourage businesses to hire and produce more because people would be spending more as a result of more money in their pockets if taxes were low. This would also attract foreign companies to invest here and there would be hundreds of thousands of new jobs created.

2. Shrink the size of the Government by at least 30 per cent and eliminate all the wasteful spending we don't need and the bureaucracies. For example: Why do we have soldiers in Afghanistan? Why do we give foreign aid to poor countries?

3. Open the doors even more and reform our immigration system to attract the best from the world and retain them. We want to attract the brightest foreign students and workers to come here and give them permanent residence straight away. Eliminate all free immigration (quota-based) to people who come here and start living on the dole from day one and don't contribute a thing.

4. Stop comparing ourselves to Australia and instead look to countries like Singapore, and the rich European countries. They are not as blessed as Australia in terms of mineral wealth but are the richest in the world. Look at their policies and learn.

5. Diversify our economy and expand the high income earning sectors like IT, science and technology, engineering.

6. Why don't we build stuff here like cars, airplanes, hi-tech machines and electronics? We need to become a manufacturing nation instead of a farming one.

7. The Government should give businesses incentives to invest and create a positive atmosphere.

8. We need several companies like Fonterra and Fletcher, which can compete on a global scale and sell to the world.

These policies, and especially tax cuts and a reduction in Government spending, will give an immediate boost to the economy.

Can you fix the economy? is an ongoing Stuff Nation assignment. To contribute hit the green button.